A number of the world’s biggest banks have launched international roadshows promoting the use of the renminbi to corporate customers instead of the dollar for trade deals with China…“We’re now capable of doing renminbi settlement in many parts of the world,” said Chris Lewis, HSBC’s head of trade for greater China. “All the other major international banks are frantically trying to do the same thing.” http://www.ft.com/cms/s/0/182a2b70-b130-11df-b899-00144feabdc0.html

The US dollar has been the international reserve currency.

Why would many in the world be frantic of steering clear of the US dollar? The USA keeps increasing its debt–debt that it will not repay in a currency worth what it was when it borrowed much of it.

Furthermore, the announcement today by Fed Chairman Bernanke is signaling to all that will see it, that the USA intends to inflate its currency.

US central bank boss Ben Bernanke today vowed to step in to prop up a fragile US economic recovery if needed as he conceded growth had been weaker than the Federal Reserve had expected…

That “additional stimulus” will make the US dollar worth much less. The Fed Chairman also said that he will essentially do what it takes to prevent deflation from taking over the US economy. He seems to feel that inflating the money supply will prevent that–and maybe it will. This supposedly helped the USA stock market today.

The US government (including the Fed which supposedly is in a different category) now seems to believe that economic growth is more likely to come from currency inflation than anything else (a dangerous and erroneous belief). Since those in China do not share that view, many are trying to go towards China’s currency, as opposed to that of the USA’s.

And while China will not end up as number one in the world, according to biblical prophecy, it will do much better for a while than the USA and its Anglo-allies. And China may even end up with parts of one or more of the Anglo-nations (cf. Habakkuk 2:3-8).

I am not the only one to see the risk that the debt poses to the USA. Even its military leaders have proclaimed it: